Federal Land, Japanese firms bring Japanese living to BGC
Expect bigger things from Federal Land Inc. within the next few years as they team up with Japanese firms Nomura Real Estate Co., Ltd., and Isetan Mitsukoshi Holdings Ltd. to put up Sunshine Fort in BGC’s Grand Central Park.
SUNSHINE FORT AT BGC GRAND CENTRAL PARK. Top executives from Federal Land, Inc., GT Capital Holdings, Nomura Real Estate Development, Co. Ltd., and Isetan Mitsukoshi Holdings, Ltd. presented a scale model of Sunshine Fort, the first ‘Japan Concept’ residential and retail complex in the country. From left to right: Eiji Kutsukake, Chairman of Nomura Real Estate; Toshihiko Sugie, President and CEO of Isetan Mitsukoshi; Dr. George S.K. Ty, Group Chairman of GT Capital Holdings, Inc.; and Alfred V. Ty, Chairman of Federal Land, Inc.
“Today is a momentous occasion as we officially welcome Nomura Real Estate Development and Isetan Mitsukoshi Holdings to the GT Capital family,” Federal Land, Inc. Chairman Alfred V. Ty said during the partnership ceremony held yesterday in Makati. “We are glad that they are part of Federal Land, Inc.’s commitment to invest in the country and add value to the lives of Filipinos.”
The Php 20-billion project will rise in Federal Land’s 10-hectare Grand Central Park development in BGC, right next to the Grand Hyatt Hotel. The architecture and design of the project will incorporate Japan’s penchant for innovation and excellence with Filipino artistry, shopping, and living habits.
Japanese retail giant Isetan Mitsukoshi Holdings, Ltd. will handle all retail aspects of Sunshine Fort with Federal Land. It will include new and familiar Japanese brands, food outlets, and cosmetics, all anchored with the Japanese brand of polite service.
A NEW LIFESTYLE FOR FILIPINOS. Sugie hopes to introduce a ‘new lifestyle’ born from their expertise in Japanese retail.
It is also the firm’s first foray into overseas complex development according to Toshihiko Sugie, President and CEO of Isetan Mitsukoshi Holdings. “We would like to make a contribution to establishing a retail facility that will be long beloved by Filipinos through offering “new lifestyle” with our strategy which has been cultivated by managing a lot of stores in Japan and abroad over the decades,” he added.
Isetan Mitsukoshi is best known for their Isetan – Mitsukoshi Department Stores, which can be found all over Japan, as well as in Europe and the United States. This is their first time to enter the Philippines, though they already have a presence in neighboring Southeast Asian countries like Singapore, Malaysia, and Thailand. They also have stores in China and Taiwan.
FLAGSHIP PROJECT. Alfred Ty (fourth from left) has said they hope to open similar projects in other areas. He is shown here with (from left to right) Matsuo Takuya, Director and Senior Managing Executive Officer for Isetan Mitsukoshi; Atsushi Ogata, Executive Officer of Nomura Real Estate; Pascual Garcia, III, President of Federal Land; Taguig City Mayor Laarni Cayetano; George S.K. Ty of GT Capital Holdings; Executive Secretary Salvador Medialdea; Japanese Ambassador to the Philippines Kazuhide Ishikawa; Eiji Kutsukake of Nomura Real Estate, and Toshihiko Sugie of Isetan Mitsukoshi.
Nomura Real Estate Development Co., Ltd., on the other hand, will work with Federal Land to develop Sunshine Fort’s four residential towers. It’s the first project in the country to have a true Japanese concept, said Eiji Kutsukake, Chairman of Nomura Real Estate Development.
“To make this happen, together we will submit all our skills of product planning, technologies, and capabilities to meet customer demands which we have cultivated in the Japan market over the decades,” he added.
Known for their PROUD and OHANA brands, Nomura Real Estate develops and sells condominiums, detached housing, and redevelopment projects mainly in the Tokyo metropolitan area.
Specifics of Sunshine Fort
People of Metro Manila can already expect to see the beginnings of the project when it is launched during the first quarter of 2018. Tower 1 is expected to be up and running by 2022, with retail outlets from Isetan Mitsukoshi expected to be up and running earlier.
Sugie adds that products for the retail outlet have to fit the culture present in the Philippines will be included. “If there is any necessity, we would like to bring in Japanese products, but it (sic) would be better than those in Singapore or Malaysia,” he said. “There will be brands that will be common among the companies… We will bring in our expertise to communicate our brand to Filipinos.”
“It’s really about following the design concept of the project. As long as it caters to the market and is able to stick to the concept of delivering a unique shopping experience, (it will be considered),” Alfred Ty added.
Sunshine Fort is expected to have over 1,000 units split between the 41st and 51st floors of the four towers. 1-bedroom, 2-bedroom, and 3-bedroom options will be available, but prices are still up in the air as factors like the features unique to the project and how the market will look like upon launch.
The developers are focusing on Grand Central Park for now, but they are looking at possibly expanding to other areas depending on the success of Sunshine Fort.
Written by: Andronico Del Rosario
